Q1 2017 Highlights

REVENUES, ADJUSTED EBITDA AND ADJUSTED EBIT KEEP GROWING.

NET FINANCIAL POSITION FURTHER IMPROVES.

Key Q1 Highlights:

• Revenues: Euro 59,9 Million (+32% compared to 2016 Q1)
• Adjusted EBITDA: Euro 5,4 Million (+5%)
• Adjusted EBIT: Euro 2,8 Million (+54%)
• Net Financial Position: Euro -11,5 Million (- 38%)

Colleferro (Rome), 11 May 2017 – The Board of Directors of Avio S.p.A. has today examined and approved Avio Q1 results as at 31 March 2017.

In the first quarter of 2017, revenues amounted at Euro 59,9 Million, +32% compared to 2016 Q1. Revenues growth was driven by the higher volumes of Vega production activities and by the significant increase in the Ariane 6 development activities (specifically for the new P120c engine that will be a common core propulsion technology of both Ariane 6 and Vega C launchers).

The Adjusted EBITDA improved by 5% compared to 2016 Q1, at Euro 5,4 Million, benefiting from the lower fixed costs impact on higher volumes of activity. The Adjusted EBIT amounted at Euro 2,8 Million, with a 54% improvement on the previous period, mainly driven by the completion in 2016 of certain R&D items.

The Net Financial Position improved to Euro -11,5 Million (-38% compared to 2016 Q1).